insights

Preparing for retirement

Diversification isn’t just important while you are saving for retirement, having multiple sources of income can help create a more secure retirement. We can help you explore ways to replace your paycheck by turning your savings into monthly income for life.
 

Replacing Your Salary in Retirement

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Replacing your salary in retirement

You’ve spent years working and saving. When you retire, wouldn’t it be nice to let your savings replace your salary?

With some careful consideration, you can create a plan to pay yourself with retirement income that will last as long as you live.

Imagine the life you’d like in retirement. You might spend your time gardening in your backyard or visiting places you’ve always dreamed about.

Also consider your expenses. There are the everyday necessities like housing, and ongoing healthcare. Plus extras like traveling, hobbies, and unexpected expenses.

Now, consider what money you’ll use to pay those expenses … maybe Social Security, your retirement savings, or a pension if you have one.

Finally, what about those other financial challenges, like a market downturn, a health crisis, and even just rising costs from inflation? You may want to consider these and other factors.

With so much to balance, consider how you can tap into different sources of income that can help manage those risks.

A fixed annuity can help. It’s not impacted by the stock market, and guarantees steady income for the rest of your life. That’s money you can count on to help cover your everyday necessities.

Another option is a variable annuity. It offers a lifetime income option with the potential for growth. This may help you pay for those extras and could keep pace with rising costs.

Other options that offer growth potential and flexibility include mutual funds and stocks. These can help add to a diversified investment mix.

TIAA can help you evaluate your income sources and create a personalized solution to help you enjoy the retirement you want.

How to Prepare

Preparing for a conversation about your income plan

1
Put yourself in a retirement frame of mind
2
Understand the unique challenges in retirement
4
Learn about annuity options
Income planning

Building a diversified income plan

Wondering how you’ll replace your income when you retire and if you’ll have enough to last for as long as you live? The resources below can help you start planning.

Choosing your options

Explore the different income options available with your TIAA retirement plan.

Getting income

See how much lifetime income you can get from your retirement savings.
INCOME PROFILES

See how people like you did it

We created profiles based on the experiences of real people to showcase different types of retirement considerations.
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The long-term planners

Al & Sarah
Stable financial situation, conservative, long-term planners who are nearing retirement.
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Conservative & semi-retired

Pam & John
Financially stable, conservative, long-term planners who are semi-retired.
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Financially limited

Charles
Retired, financially limited, and a moderate risk taker.
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The moderate risk taker

Danielle
Retired, financially stable, moderate-aggressive risk taker.
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Nervous Nellies

Clara & Eduardo
Nearing retirement, financially stable, nervous about market volatility.
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The aggressive risk takers

Frank & Pete
Nearing retirement, financially limited, aggressive risk takers.
Next Steps

Consider getting started

Calling us

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Weekdays, 8 a.m. to 10 p.m. (ET)
 
800-842-2252

Schedule a call

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Ready to Retire?

Your retirement plan has options that can provide income that’s guaranteed for life.
 
This material is for informational or educational purposes only and does not constitute fiduciary investment advice under ERISA, a securities recommendation under all securities laws, or an insurance product recommendation under state insurance laws or regulations. This material does not take into account any specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on the investor’s own objectives and circumstances.
Diversification is a technique to help reduce risk. It is not guaranteed to protect against loss.
Any guarantees under annuities issued by TIAA are subject to TIAA’s claims-paying ability.
Exchanging your savings for income payments (referred to as “annuitization”) is a permanent decision and once lifetime income payments has been selected you are unable to change to another option.
Certain products and services may not be available to all entities or persons.
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